The number of Koreans relocating to new homes fell 11.5 percent from a year ago in February due mainly to an aging and shrinking population, coupled with the Lunar New Year holiday that reduced moving activity.
High-rent district
With the spring moving season approaching, Seoul’s rental market for monthly and lump-sum deposit leases is freezing over at a rapid pace, a trend some experts attribute to limits on the ownership of multiple homes.
Following tighter loan rules introduced last year and the expansion of land transaction permit zones that require local government approval for certain property sales, housing lump-sum deposit listings in Seoul have rapidly declined.
Incehon International Airport Corporation has declared its intention not to comply with a court order to lower rent by 25 percent for Shilla Duty Free — with an identical lawsuit by Shinsegae Duty Free pending.
A Korean woman extradited from the Philippines faces charges for defrauding 83 tenants out of $12 million in a rental scheme.
Commercial zones are entering a death spiral with spikes in vacancies nearly across the board as a lack of foot traffic kills off small businesses, leading to alarming numbers of "For Rent" signs in what were some of the trendiest neighborhoods.
Monthly rent for studio apartments near Seoul's university neighborhoods continues to rise.
SK Networks is selling SK Rent-a-Car, a car rental company, to Hong Kong-based Affinity Equity Partners for around 850 billion won ($610 million).
Bukchang-dong in central Seoul displayed the highest rent fees in Seoul last year. Myeong-dong, also in central Seoul, was pushed to second, which had the highest in 2022.
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